AUD departs from 2024 high on Bullock speech
Updated
From a technical perspective, AUD/USD has potential to further its upward movement. The daily chart indicates that technical indicators are trending sharply lower and are well above their midlines, yet not presenting overbought circumstances. Meanwhile, the pair is trading above bullish moving averages, with the 20 Simple Moving Average (SMA) showing upward momentum roughly 100 pips below the current level.
The 4-hour chart shows that technical indicators are within positive territory, although not strong enough to confirm another upward leg. The Momentum indicator rebounded from around its 100 line but remains well below its intraday high, while the Relative Strength Index (RSI) indicator consolidates at around 64.
Support levels: 0.6820, 0.6775, 0.6730.
Resistance levels: 0.6870, 0.6910, 0.6945.
News:
RBA GOVERNOR BULLOCK: RECENT DATA HASN'T SIGNIFICANTLY ALTERED POLICY OUTLOOK
-INTEREST RATES TO STAY UNCHANGED FOR NOW
-PROGRESS ON CORE INFLATION LIKELY REMAINED SLOW IN Q3
-Q2 GDP FIGURES INDICATE SLIGHTLY WEAKER SHORT-TERM OUTLOOK
-BULLOCK ANTICIPATES AUGUST HEADLINE CPI TO FALL BELOW 3.0%
-BOARD DOES NOT ANTICIPATE NEAR-TERM RATE CUT
-BOARD CONSIDERED ADJUSTING POLICY MESSAGING
According to MKTNews.net
Bullock's speech today contributed to AUD weakness of current 4hrs chart
The 4-hour chart shows that technical indicators are within positive territory, although not strong enough to confirm another upward leg. The Momentum indicator rebounded from around its 100 line but remains well below its intraday high, while the Relative Strength Index (RSI) indicator consolidates at around 64.
Support levels: 0.6820, 0.6775, 0.6730.
Resistance levels: 0.6870, 0.6910, 0.6945.
News:
RBA GOVERNOR BULLOCK: RECENT DATA HASN'T SIGNIFICANTLY ALTERED POLICY OUTLOOK
-INTEREST RATES TO STAY UNCHANGED FOR NOW
-PROGRESS ON CORE INFLATION LIKELY REMAINED SLOW IN Q3
-Q2 GDP FIGURES INDICATE SLIGHTLY WEAKER SHORT-TERM OUTLOOK
-BULLOCK ANTICIPATES AUGUST HEADLINE CPI TO FALL BELOW 3.0%
-BOARD DOES NOT ANTICIPATE NEAR-TERM RATE CUT
-BOARD CONSIDERED ADJUSTING POLICY MESSAGING
According to MKTNews.net
Bullock's speech today contributed to AUD weakness of current 4hrs chart
Trade closed: stop reached
R1 reached
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